1 week Ago
Stocks to buy or sell under ₹ 100: After a positive start supported by favourable global cues, the Indian stock market witnessed sharp selling on Friday. This was on account of profit booking, which came in as cross-border tensions between India and Pakistan escalated following the terrorist attacks in Pahalgam, Kashmir. The nifty 50 index crashed 207 points and closed at 24,039.
The BSE Sensex shed 588 points and finished at 79,212. The Bank Nifty index ended 537 points lower at 54,664. All the sectoral indices, barring Nifty IT, are closed in red.
Realty and Financial services indices were the top losers, falling by nearly 3% each. On the positive side, FII buying continued for the seventh consecutive session with inflows of around ₹ 8,250 crores on Thursday. Further, news flows indicated some softness in the US-China tariff war, while India is expected to be closer to signing a trade deal with the US.
Geo-political developments between India and Pakistan could add volatility to the Indian market over the next few days. Stock market today Vaishali Parekh, Vice President—Technical Research at Prabhudas Lilladher, believes the Indian stock market sentiment is cautious as the Nifty 50 index closed below the 200-DEMA of 24,050. The index is facing a strong hurdle at 24,350 and strong support at 23,800.
Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index, after finding a tough resistance near the 24,350 zone, witnessed profit booking with high fluctuations during the session to end near the important 200 period SMA at 24,050 with bias shaken to some extent but having the overall trend still maintained positive. As mentioned earlier, we maintain our stance, with the index having the near-term significant support positioned near the 23,800 zone, which, if sustained, can regain with the positive move for further rise in the coming days." On the outlook of Bank Nifty today, Vaishali Parekh said, "The Bank Nifty index, after opening near the 55,300 zone, shed their gains with profit booking witnessed but recovered to some extent in the later half to close near the 54,650.
The index would have near-term support near the 53,800 of the previous peak zone, which must be sustained in the coming sessions. As mentioned, once a revival is established, the index can anticipate further rise with fresh upside targets achievable in the coming days." Parekh said that today, support for the Nifty is at 23,800, while resistance is at 24,300.
The Bank Nifty will have a daily range of 54,000 to 55,300. Vaishali Parekh's recommended stocks Regarding intraday stocks for today , Vaishali Parekh recommended these three buy or sell stocks : Sona Blw Precision Forgings , Patel Engineering , and Bandhan Bank . 1] Sona Blw Precision Forgings: Sell at ₹ 453, Target ₹ 440, Stop Loss ₹ 465; 2] Patel Engineering: Buy at ₹ 45, Target ₹ 48, Stop Loss ₹ 44; and 3] Bandhan Bank: Sell at ₹ 164, Target ₹ 155, Stop Loss ₹ 169.
Disclaimer: The views and recommendations above, if any, are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary..
